16/11/2017
Landmark Partnership To Level Up Skills For Singaporeans To Seize FinTech Jobs
Financial sector, local universities and Government collaborate to accelerate
career development of FinTech professionals
The Infocomm Media Development Authority (IMDA) and Monetary Authority
of Singapore (MAS), together with SkillsFuture Singapore (SSG), six
local universities, and five financial associations, today sealed a
landmark Memorandum of Intent (MOI) for the TechSkills Accelerator (TeSA) FinTech Collective,
to jointly develop industry-ready professionals in meeting the strong
demands of emerging infocomm technology (ICT) skills. The TeSA FinTech
Collective was first announced by Mr Ong Ye Kung, Minister for Education
(Higher Education and Skills) and Second Minister for Defence, at the
Singapore FinTech Festival welcome dinner on 13 November 2017.
Singapore’s first nationwide collaboration between industry and universities
By aligning ICT skills taught by the universities with industry’s requirements, the TeSA FinTech Collective will better equip Singaporeans with the right skills to take up ICT jobs. Initiatives under the Collective include research collaborations in FinTech with the universities, new courses in FinTech specialisations, mentorships and hackathons with finance professionals to help students understand FinTech trends. The Collective will also enhance existing programmes which provide career guidance and skills certification.
Collaboration opportunities: institutions’ curricula to be enhanced to ensure graduates and trainees are more future-ready
Everyone, from undergraduate and postgraduate students, to
professionals can benefit from the diverse range of opportunities. Under
the Collective, there will be professional education training (PET) for
university students to learn from industry-ready school curricula.
Polytechnic graduates, as well as ICT professionals will also benefit
from continuing education training (CET) initiatives enhanced for
upskilling and reskilling. There will be various outreach efforts for
students and professionals to learn about emerging FinTech trends so as
to guide their skills development. Through the various insights from
industry-wide network of financial institutions, the Collective will
also cover in-demand technologies such as blockchain, cybersecurity,
artificial intelligence and data science.
“There are many exciting opportunities for Singaporeans looking for a
career in infocomm technology, fueled by the strong demand in every
sector as companies embrace digitalisation. We are very encouraged by
the support from all six local universities and the industry
associations to ensure that we have the right talent to accelerate the
growth of the FinTech sector, a key part of Singapore’s digital
economy,” said Mr Tan Kiat How, Chief Executive, IMDA.
Ms Jacqueline Loh, Deputy Managing Director, MAS, said
“As financial institutions and FinTechs tap on emerging technologies to
create more innovative services, the need for professionals with strong
technology skillsets and a good understanding of financial products and
processes will grow significantly. This unprecedented, large scale
collaboration among the government, financial industry, and universities
will help to build a deep FinTech talent pool in Singapore.”
In 2016, the financial sector was the second biggest hirer of ICT
professionals in Singapore, right after the ICT sector itself. There are
more than 24,300 ICT professionals employed in the financial sector, a
sharp increase of more than 25% from the 19,100 in 2015. In 2016, total
demand for ICT jobs in the finance sector stood at more than 26,200, an
all-time high. With this hotbed of opportunities, aspiring students
joining the finance industry and existing ICT professionals can leverage
the various training opportunities brought together by the TeSA FinTech
Collective.
The TeSA Fintech Collective is part of the TechSkills Accelerator, an
initiative of SkillsFuture that aims to accelerate professional
development and enhance employability outcomes for ICT professionals.
Annex A: Factsheet – TeSA FinTech Collective MOI
Annex B: Factsheet – Signatories for the TeSA FinTech Collective MOI